12BS Chapter 5 Supply

Last updated over 1 year ago

3 questions

1

4

Last updated over 1 year ago

3 questions

1

1

4

Draggable item		Corresponding Item
Subsidy		quantity of a good or service that a producer is willing and able to supply the market at a given price
External Shock		as the selling price of a product rises, so businesses expand supply to the market
The basic law of supply		any form of government support—financial or otherwise—offered to producers
Supply		a significant and often unexpected change outside a firm's control

What does technological change encourage?

new entrants to a market

less entrants to a market

less variety in an industry

ease of communication between firms

Subsidy

quantity of a good or service that a producer is willing and able to supply the market at a given price

External Shock

as the selling price of a product rises, so businesses expand supply to the market

The basic law of supply

any form of government support—financial or otherwise—offered to producers

Supply

a significant and often unexpected change outside a firm's control

What does technological change encourage?

new entrants to a market

less entrants to a market

less variety in an industry

ease of communication between firms

Which of these are factors that can cause change in supply in a market? (choose multiple)

Costs of Production

New Technology

Taxation & Subsidies

Drop in competition

Consumer Interference

External Shocks